An affiliated associate of Emirates NBD Group, on Thursday has confirmed its plan to proceed with an initial public offering (IPO) on the London Stock Exchange (LSE).

Further announcements will be made in due course in accordance with the applicable laws and regulations, the company said in a statement.

The UAE-based payments provider intends to apply for admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority (Official List) and to trading on the LSE's main market for listed securities (Admission).

The company added that the offer will solely be comprised of existing shares to be sold by existing shareholders.

“Immediately following Admission, the Company intends to have a free float of at least 25% of the Company’s issued share capital,” the company highlighted.

The admission is expected to take place in April, Network International added. 

Later on, it is expected that the company will be eligible for inclusion in the FTSE UK indices.

The statement added that the price range of the offer and the maximum number of shares to be sold in the offer will be set in due course and contained in the prospectus expected to be published by the company in the coming weeks.

Source: Mubasher